Strong Q3 numbers energise Reliance Energy

Reliance Energy rose 1.05% to Rs 2,286 at 13:17 IST on BSE on posting 50.02% rise in net profit to Rs 301.6 in Q3 December 2007 over Q3 December 2006.

The company announced the results during market hours today, 17 January 2008.

Meanwhile, BSE Sensex was up 65.25 points or 0.37% to 19,937.95.

On BSE, 9.64 lakh shares were traded in the counter. The stock had an average daily volume of 14.91 lakh shares in the past one quarter.

The stock hit a high of Rs 2,350 and a low of Rs 2,171.35 so far during the day. The stock had hit a 52 week high of Rs 2,631.70 on 10 January 2008 and a 52 week low of Rs 448.20 on 5 March 2007.

The scrip of India's second largest power utility by revenue had outperformed the market over the past one month till 16 January 2008, rising 18.7% as compared to the Sensex's return of 4.13%. It also outperformed the market in the past one quarter, rising 19.02% as compared to the Sensex's rise of 10.39%.

The company's current equity is Rs 236.50 crore. Face value per share is Rs 10.

The current market price of Rs 2,286 discounts its Q2 September 2007 annualised EPS of Rs 43.76 by a PE multiple of 52.23.

Reliance Energy's total income inched up 1.81% to Rs 1,853.41 crore in Q3 December 2007 over Q3 December 2006.

REL, India's second largest power utility by revenue is engaged in generating, transmitting and distributing electricity. It also provides electrical contracting, engineering, procurement and construction contracts and computer services.